does this in other way mean that without extra leverage i needed to have 4,50,000 actual money for just 40rs profits?
haha very strange now
I think the difference is if you receive 8 crores in your bank account automatically IT dept will get alarmed but since you receive the value in trading/broker book no IT issues and you don’t see them in real cash so no problem
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Mmm. Well It’s turnover. Not actual cash hitting kite or bank. They clearly mention in their text messages, It’s turnover of PAN. Not profit
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Hope they the IT dept understand this and doesn’t come after many years and slap with fine or penalty
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I recently came through that Tollywood actor fined by IT dept 18 lakhs due he paid 75 lakhs please somebody throw light on this https://www.google.co.in/amp/s/indianexpress.com/article/entertainment/telugu/mahesh-babus-bank-accounts-tax-5513578/lite/
The actual problem is when we sale in crores it’s okay but profit should be in acceptable range at least in 1 lakh but the real scenarios either profit is in few thousands or few lakhs loss which makes the turnover to shy
Nothing to be worried. What i read in varsity makes my point clear. I don’t need to be worried until I make profit. I haven’t filed IT since 2 years I guess. After making losses, I ignored. Now, I have to pay some penalty for not filing IT for previous years. The link I shared above is clear.
I’m into trading. So you should find your answer in that link posted above.
What was the loss including other charges? Like STT, transaction etc. Just asking and which contract do you trade frequently? BNF?
Do any of you pay advance taxes like mentioned in Varsity. Is it mandatory that we pay advance tax if we are trading?
Hmm. Never heard of it. Following
No need to worry @anjanbabu
2-3 crore का Turnover तो यहा पे Beginner Trader’s कर के चले जाते है …Lol😉
hope u understand hindi… 
So anybody have any real feedback on that matter or not ? I mean there are already thirty replies and seems each to their own, but my opinion it’s still depends which law form topic starter have on it’s own. So OP, let us know how you are incorporated here.
Turnover should be ignored. Even if it is 100 crores per day. Ignore it! No one will get any notice from any dept.
The only thing should be considered is, Profit. If you are making good money, Pay the tax in right time. That’s all. Everything will be fine.
How much taxes & all. Here is the link
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When I make some decent profits. I will try to get a full team auditor or tax agent for starting. Then later I will try to do it in my own.
@prash_u Yes, If your profits hitting the limits defined for Advance Tax, then you must pay the advance taxes. Otherwise, you will pay penalties and interests for late Payment.
You must pay the approximate Taxes on time, this way you can avoid the penalties and interests.
Also, It’s good to higher CA for your Income Tax filling if you’re in advance tax bracket. As you might need an Audit report and other compliance like Book of Accounts, etc to taken care too.
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Thank you @nab for the response.
From the parts i could understand reading online, i found that advance tax needs to be paid if our estimated total tax liability for the year is more than Rs. 10000. Is there any other criteria you know of, when payment of advance tax is mandatory (from a trading/investing perspective)?
Nope, I am also not aware if there any other criteria beside this Rs. 10,000 liability. 
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